Louisville's Endowment Gain Clouded by $38 Million Write-Off
- University foundation posted 12.6% gain in fiscal 2017
- State attorney general investigating endowment irregularities
Rick Pitino
Photographer: Jeff Roberson/AP PhotoThis article is for subscribers only.
The University of Louisville’s endowment generated a 12.6 percent investment return in the last fiscal year, though the performance at the scandal-plagued school was overshadowed by a $38 million write-off after an audit raised questions about how some assets were valued.
Pledges to the University of Louisville Foundation plunged last year and school President James Ramsey, who also controlled the endowment, was forced out amid revelations of excessive spending. Endowment assets grew less than 1 percent to $719 million for the year ended June 30.